Liquidity Shift: Retail Brokers Pivot to US Futures Amid Record Derivatives Demand

The structure of global retail speculation is undergoing a significant pivot, with major brokerage firms increasingly diversifying away from traditional Over-the-Counter (OTC) Contracts for Difference (CFDs) toward regulated US exchange-traded derivatives.

Leading indicators from industry heavyweights suggest a maturing retail sector that is increasingly focused on transparent, centralized liquidity pools, particularly within the United States.

Surging Demand for US Assets

• US options volume climbed 10.6% in 2024, signaling sustained retail engagement in USD-denominated volatility products.
• By Q3 2025, the Cboe reported listed-options activity running at record levels, averaging 59 million contracts per day.

This demand is reshaping the revenue models of major global brokers, forcing a strategic realignment toward the US market. Companies that previously relied on OTC models—where the broker acts as the counterparty—are now capturing volume in futures and options.

Brokerage Giants Diversify

• Plus500: Reported that its non-OTC revenue for 2025 exceeded $100 million, now constituting roughly 14% of the group's total turnover.
• IG Group: Generated £191 million from non-OTC streams, capitalizing on its prior $1 billion acquisition of tastytrade.

The trend extends beyond the US / UK axis, with other firms like CMC Markets maintaining double-digit revenue shares from non-OTC investing services.

Market Implications

For the broader financial ecosystem, this shift represents a consolidation of retail liquidity into regulated US exchanges. As retail flow moves from opaque CFD structures to central order books, it potentially increases the depth of the US futures market.

Furthermore, the higher margin but higher regulatory scrutiny nature of CFDs is giving way to the lower margin, higher volume stability of futures. This suggests that despite regulatory fragmentation in Europe and Asia, the gravitational pull of US financial markets remains the dominant force in global retail trading expansion.